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Councillors approved the tariff hike, which will take Edinburgh into the top 25 in the league table of UK local authorities with the highest fares.
It will mean the cost of a five-mile daytime journey which might be roughly £13 at the moment will rise to around £13.38.
As well as the 2.9% increase on all tariffs, the “additional passenger charge” will go up from 30p to 40p when there are more than three passengers, the airport drop-off fee will double from £2 to £4, and the festive tariff will apply to Christmas Day and New Year's Day, irrespective of the day of the week, as well as during the night times on Christmas Eve and New Year's Eve.
Councils are required to review taxi fares at least every 18 months and fares were last set in April 7 2020. But implementation of these changes was delayed by the pandemic because the companies responsible for adjusting taxi meters were unable to operate during lockdown.
The council said the latest fare review was also delayed due to pressures caused by the pandemic and prioritising the safe reopening of businesses.
The fare changes follow research and consultation carried out by consultants on behalf of the council and were approved by the council’s regulatory committee on Thursday.
A report to the committee said respondents to the consultation were broadly supportive of the general tariff increases, though some complained that taxi fares in the city were too expensive.
The taxi fare tariff sets out the maximum charges which licensed taxis may charge any passenger for a journey within the city. Operators are free to alter any charge subject to that maximum.
Edinburgh is currently placed 50th out of 365 authorities in a league table of taxi fares drawn up by trade publication Private Hire and Taxi Monthly.
Based on these rankings, the Capital will move up to 25th when the new fares take effect.
That will compare with East Lothian in 24th place, Fife in 40th, Glasgow in 41st, Midlothian in 120th and West Lothian in 262nd.